Porkulus must be really kicking in for Caterpillar – For the first time in 16 years Caterpillar posts a loss and cuts estimates

Caterpillar Inc., the world’s largest maker of bulldozers and excavators, posted its first quarterly net loss in 16 years and said full-year profit and sales will trail its previous forecast amid a global recession. According to Bloomberg:

The first-quarter net loss of $112 million, or 19 cents a share, compares with net income of $922 million, or $1.45, a year earlier, the Peoria, Illinois-based company said in a statement today. Revenue dropped 22 percent to $9.23 billion, and the company’s shares fell.

“The sales decline is problematic given a relatively high fixed cost base, which suggests weakness for some time,” said Joel Levington, director of corporate credit at New York-based Hyperion Brookfield Asset Management Inc.

Lets harkin back to February 12th:

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April 21, 2009 · Filed Under Porkulus


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